Investment in commercial real estate market in Europe in 2008 decreased
twice. The situation on the world's housing markets remains mixed .

Investment in commercial real estate in Europe reached € 99 billion
by the end of this year. This is 55% less than in 2007. Head study
capital markets, international consultancy Jones Lang LaSalle
Tony Horrell, said last week that the decline is due
global economic downturn and decline in investor confidence. In
early 2009, according to Mr Horrell, investment activity
remain low. News from the real estate market of Romania
illustrate this point. The cost of rent in certain trade
centers in the country fell by 20-50%. The owners of the Romanian malls have to do
discount to the current economic downturn without losing tenants
and continue to fulfill their loan obligations to banks. Large
city, above all, Bucharest, the recession has so far affected to a lesser extent,
However, if the economic situation will not change for the better, in shopping centers
the country can expect a further reduction in rent. Office Market
Bulgarian property also ran into problems, though slightly different
kind. According to consulting company MBL, the amount of vacant office space
in the country by the end of this year may reach 10%, which is caused by an increase
construction activity of local developers - despite the worsening due to
crisis demands. Residential real estate agency "Reuters" reports that residential
U.S. real estate in the first nine months of 2008, lost in the price of $ 1, 9
trillion. By the end of the year this figure will overcome the mark of $ 2 trillion. Cost approximately
11, 7 million homes in relation to the level at which it was
at the time the owners of the mortgage, has declined. The Americans,
meanwhile, refuse to buy houses, which had been alienated by the banks in
owners for failure to pay on mortgages and put up for auction
discount. 75% of U.S. citizens believe that the price of foreclosure should
be lower by at least 25%. Nearly one in three respondents believed that
it should be cut in half. The volume of home sales in neighboring Canada in November
this year fell to 27 743 sites - the lowest level of sales
since January 2001. The decline in sales compared to October was
12, 3%. The average cost of housing in the country at an annual rate fell to 9, 8%.
Large markets, experienced the largest drop in prices - this is Vancouver, Victoria,
Calgary, Edmonton, Oshawa and Toronto. Housing construction in the UK
fell to its lowest since 1924 (excluding wartime 1939-1945
years) level. According to the British Association of Construction
Materials (Construction Products Association) and the leading international auditing
company Ernst \u0026 Young, in 2008 the country was the beginning of construction of 135
thousands of objects, which is less than last year at third. Ambiguous
was the situation on the market in Dubai. According to the price index of leading Arab investment
bank EFG Hermes, starting in September house prices in Dubai declined in
an average of 1-2% per month. But the total amount of real estate in the emirate
over the past week has reached 2, 62 billion dirhams ($ 713, 3 million), reflecting
the continued interest of buyers to real estate in Dubai, which could contribute to
and lower prices. The Chinese authorities last week announced the introduction of tax
benefits and a number of other measures to support the falling real estate market of the country.
The State Council announced the abolition of tax on residential property in the cities, which
levied on foreigners owning it. This tax was 1, and 2% per year from
project cost. Developers implementing projects in the field of affordable housing,
The People's Bank of China will provide a discount of 10%. Period of time,
during which the oversold residential real estate is taxed
reduced from five to two. Major New Zealand newspaper The New Zealand
Herald writes that the average home price in the country in November rose to 337, 5000
New Zealand dollars ($ 195, 5 thousand), compared to 335 thousand New Zealand
dollars ($ 194 thousand) in October. According to forecasts by the international consulting
company CB Richard Ellis, 2015 from 15% to 20% of real estate
around the world will belong to the sovereign wealth funds of various
States. International Monetary Fund (IMF) forecasts that the cost of
assets of sovereign wealth funds will grow from $ 2-3 billion to $ 12 billion in 2012
year. This is due to the fact that traditional sovereign wealth funds assets
- Securities - due to the global financial crisis have lost their
investment attractiveness. CB Richard Ellis analysts believe that
to the forefront as an attractive object for investments in
coming years will be released real estate. Last week, reports that
might interest Russian buyers abroad, were not reduced
to the news on economic issues. Thus, the European Court of Justice advisor
Luxembourg has expressed the view that the British couple David and
Linda Oram must comply with a court decision to demolish the Republic of Cyprus and its
house in the Turkish part of the island. In the event that a pan-European and British
Courts do not decide in favor of spouses Oram, it would set a precedent and thousands
Britons who own property in North Cyprus, it can lose.
If the decision is not in favor of their spouses of British real estate
North Cyprus may lose not only investors with Albion,
but the Russians, make up a significant part of foreign buyers
in the northern part of Cyprus. Postscript Despite the fact that most of the news
last week were in some way related to the crisis, real estate markets
part of the rhythm of existence. This is clearly illustrated by the British
market. The Minister for Housing, Margaret of Great Britain
Beckett Government announced plans, under which new houses built
in the country by 2016 should be absolutely safe in terms of
greenhouse gas emissions. Mayor Boris Johnson of the British capital said
overhaul of the program of urban planning (London Plan) - in order to
improve the living standards of Londoners during the current crisis. In addition,
in accordance with the state program HomeBuy Direct young family
gross income which is less than Ј60 thousand (€ 67 thousand) per year, may
buy a house worth, for example, Ј180 thousand (€ 200 thousand.) "only" for Ј126
thousand (€ 140 thousand).

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